Residential | DLC RESIDENTIAL - MILLENNIUM ON LASALLE
New Millennium
DLC'S NEWEST PROJECT REFLECTS ITS SMART AND SELECTIVE DEVELOPMENT APPROACH. BY JIM HARRIS
DLC Residential -
Millennium on LaSalle
www.dlcresidential.com
* Location: Chicago
* Scope: Historical enovation
"We are a boutique development
firm - we try not to overstretch
ourselves."
- Nick Coldea, president of operations
D
LC Residential believes in being
selective about the projects it
develops and builds. "We are
a boutique development firm
- we try not to overstretch ourselves,"
Vice President Nick Coldea says. "We don't
build just to build; we're very discerning
and try not to bite off more than we can
chew - that ensures not only quality, and
also allows us to deliver the returns promised to our investors."
The developer works with local brokers
to seek out Class A sites in prime markets
located in highly visible and walkable areas.
"We use broad market knowledge and experience to target the most viable geographic
regions, perform extensive research, then
acquire the right assets at industry leading
cap rates," the company says.
DLC retains established local architects
and other consultants as they assess
prospective sites. "We have an efficient
due diligence process; we don't want to
exercise ourselves or any of our resources,"
Coldea adds.
The company targets the multi-family
rental market. "Between the downturn
in the traditional housing market and
the uptrend of the population seeking a
simpler, more maintenance-free lifestyle,
targeting the multi-family market has proven to be a successful formula for investors
seeking stable, solid returns with low risk
The Millennium on LaSalle
project involves rehabbing a
115-year-old building.
and downside," DLC Residential says. "Our
philosophy of doing business is simple:
create wealth and stable investment returns
through conservative real estate developments that make sense."
Preserving the Past
One of DLC Residential's newest projects
epitomizes its corporate philosophy of finding and building on properties in high-profile locations. The company in January
2016 purchased a 13-story office building
«
located at 29 S. LaSalle St. in Chicago's Loop
business district. The building, known
historically as Barrister Hall, was completed
in 1902.
Although the company typically
performs ground-up construction,
Coldea says the building's location and
corridor-oriented shape made it a great
candidate for apartments.
"We appreciated the building's structure
and historical nature, and the location is
phenomenal," DLC Residential Principal Igor
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SEPTEMBER/OCTOBER 2017 CONSTRUCTION-TODAY.COM